Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.
Today’s Highlight Friday’s session wasn’t very volatile, which undermined Thursday’s efforts to launch recoveries in Gold and Bonds.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Narrowly ranging Friday at the recent range’s lower-end has further delayed resolving the consolidation, and that is improving the potential for it to break sharply lower. Regardless, the next trending up or down should begin very aggressively to release all the recently pent-up pressure.
Eurodollar Dec Contract (EC, ETF: (FXE))
Friday’s narrow ranging continued hovering at the recent range’s upper-end. The delay in rejecting it does improve the potential for launching a rally. Regardless, the next trending up or down should begin very aggressively to release all the recently pent-up pressure.
Gold Dec Contract (GC, ETF: (GLD))
Thursday’s reversal attempt extended no further Friday, failing to confirm that momentum has reversed up. Backing-and-filling to form a more durable bottom remains likely. Otherwise, a fresh high close on Monday would signal that a shallower corrective bounce is underway.
Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging Friday was still testing 20.70, which would signal the decline had ended. The extra session now creates a pattern whose fresh low Monday under 20.40 that reverses to close above 20.70 would signal momentum is reversing up.
30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s narrow sideways ranging formed a Symmetrical Triangle off of Thursday’s high, suggesting the first trending attempt would recover back into the triangle, and then reverse more substantially in the opposite direction. Trending back down first would likely hold a test of 131-08/131-14 prior lows, which would likely be tested if the recovery tries extending higher Monday.
Crude Oil Dec Contract (CL, ETF: (USO))
Friday avoided early strength that would have responded well to probing above 94.60. The reaction down was insignificant in degree, but meaningful for being the second consecutive session to avoid exploiting the recovery setup. That begins undermining the recovery potential, which must still close above 95.30 to confirm momentum has reversed up.
Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Thursday’s recovery extended through Friday, albeit not to the same degree. But the week’s high was touched, and 3.63 was probed. Unless invalidated or rejected immediately Monday, the rally could extend to 3.77-3.81.
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